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. that's the plan to reach the deficit target. that's the best case scenario because the budget is based on a growth assumption of 0.8% which seems to be far too optimistic. plenty of private economists believe the french economy won't grow more than 0.3% next year. in that case, the government will need to find an additional 5 feweuro of spending cuts on t of what will be announced today. the budget will include one very symbolic measure, new tax rate of 75% for people earning more than 1 million euros per year. it will be implemented only on around 2,000 people and it will raise only 200 million euros. so that's a symbolic measure that the prime minister has been clear already saying that it was a patriotic contribution to help the country recovery. also the government will confirm today probably that the bracket for the income tax in france won't be adjusted anymore to the inflation. that seems to be technical, but it means that with the same salary next year, people here will pay much more taxes than they used to pay. so basically, yes, it's focused on a tax increase. it's really imp
for reducing the deficit. >> i just want to make sure i got this straight. he'll get rid of regulations on wall street but he's going to crack down on sesame street. thank goodness somebody's finally cracking down on big bird. who knew that he was responsible for all these deficits. elmo's got to watch out. >> and vice president joe biden was campaigning in iowa saying that mitt romney flip-flopped on his own tax cut plan that was the centerpiece of the gop campaign and biden challenged the republicans on the tax issue. >> you know the phrase he always uses, obama and biden want to raise taxes by a trillion dollars. guess what, yes, we do, in one regard, we want to let that trillion dollar tax cut expire so the middle class doesn't have to bear the burden of all that money going to the super wealthy. that's not a tax raise, that's called fairness where i come from. >> all right. so how will today's monthly jobs report impact the candidates? economists predict the unemployment rate could tick up from 8.1 to 8.2% which could be bad news for president obama. nbc's brian mooar has the latest from w
'm in this race is there are people that are really hurting today in this country and we face this deficit could crush the future generations, what's happening in the middle east, there are developments around the world that are of real concern. and republicans and democrats both love america, but we need to have leadership. leadership in washington that will actually bring people together and get the job done and could not care less if it's a republican or a democrat, i've done it before. i'll do it again. connell: that was mitt romney. our first guest on the program today is congressman charlie rangel, democrat from new york. great to see you. everybody is asking this question in all seriousness, what happened to the president last night? >> i walked on the street this morning, people think i talk with the president on a regular basis, hey congressman, what happened? hey charlie, what happened last night? connell: we have another question congressman, what happened to your microphone? hold on a second. now it is back on. >> everyone is asking that same basic question, what happened? he certain
. >> another hot topic, the deficit. >> it's now four years later, we still have trillion dollar defici deficits. >> $2.50 for every cut, we ask for a dollar of additional revenue paid for as i indicated earlier by asking those of us who have done very well in this country to contribute a little bit more to reduce the deficit. >> there were also some notable exchanges about jobs, health care, energy industry subsidies and regulation, all of these things got deeper than some people had been expecting. we'll talk about those topics with john harwood. but if you were watching, as they headed in a 70% -- >> down from 80 the day before. >> right now it's down to about 66% in trade obviously suggesting romney got a big boost. >> mini flash crash. >> among our political guests this morning ready to talk about the road to election today, arianna huffington will be our guest host. huffington "post" obviously has a left bent, but it was declaring romney won the debate. ken duberstein will join us, as well. >> i was reading some of your tweets last night, john, and i liked your tweet. i tell you w
the congressional budget office estimates a federal budget deficit at $1.1 trillion. the fourth straight year of trillion dollar deficits. it was a slight improvement from the 2011 deficit of $1.3 trillion. starbucks will add 1,000 stores in the u.s. over the next five years. the coffee giant's ceo said the expansion will add total of 20,000 jobs that. is good news. >>> california gas prices increased 36 cents in one week. the average price of regular gas across the state is $4.49 a gallon the highest in the nation. >>> dave and buster's halts plans to launch a initial p.m. ofsh. yesterday the company first filed to go public in july. >>> rooper jay-z is live streaming his final con terse in new york city's barclay center. will air on his new channel on youtube. [buzzer] just in time that is today's speed read. >>> the u.s. unemployment rate as i'm sure heard fell to 7.8%. one economist said expected to rise to 8.2%. dean baker, economic policy and research director said the unemployment rate drop certainly a statistical fluke. we don't have to quote him because we have him. he is here right
for reducing the deficit. >> but i just want to make sure i got this straight. he'll get rid of regulations on wall street, but he's going to crack down on "sesame street." [ applause ] thank goodness somebody's finally cracking down on big bird. who knew that he was responsible for all these deficits. elmo's got to watch out. >> and vice president joe biden was campaigning in iowa saying that mitt romney flip-flopped on his own tax cut plan that was the center piece of the gop campaign and biden challenged the republicans on the tax issue. >> you know the phrase they always use, "obama and biden want to raise taxes by $1 trillion. guess what? yes, we do in one regard. we want to let that $1 trillion tax cut expire so the middle class doesn't have the bear the burden of all that money going to the super wealthy. that's not a tax raise. that's called fairness where i come from. >> and last night on "politics nation," jared bernstein explained to al sharpton that the math in mitt romney's tax plan doesn't add up. >> if you're going to cut taxes 20% across the board, which is mitt romney's pla
have started looking over. we got current account deficit and that taps at 3.9%. was at about 4.5%. in the quarter gone by, there was a surplus of close to about $5 billion. and we just got the august trade data out, as well. imported out about 5.1%. and august trade data is more or less in line. on that note, it's back to you again. >> all right. thanks for that. gold a bit of a boost in the run up to qe being launched since -- >> yeah, consolidating. i guess we've seen a pretty positive correlation between qe and pursuing months. so i think we'll see it push higher. as we see the race to the base, it can only be good for the gold price and obviously an even more interesting place, the gold miners. >> i just want to point out this tie isn't because i'm long gold. it's actually because i'm supposed to be matching, see that, this is the -- >> you need to be in a blue tie. >> there's some yellow in there, fwr greg. should have worn a yellow shirt. >> next time. >> not that you should take any fashion advice for me. so what about the reaction to that chinese data? li has the detail
will try to use the lame duck session to reach a comprehend len sif deal to cut the deficit instead of a short term solution. lawmakers will reportedly agree on a specific target likely around $4 trillion over ten years and they would vote to put off the automatic tax hikes and spending cuts set to take effect in january. but with the deficit coming down payment to signal how serious they are. jim, how sdw this get resolved? >> well, i haven't heard that sister, but that's what we've been picking up, that in the background of all these guys working on the deal already. soon after the election, our best guess is that there will be one. not too different from that story actually. >> qe-3 meanwhile, how does that play? does that continue to support lift asset prices? how do commodities get in the wash between slowing chinese growth and fed action? >> that's a good question. because i think it's a big one. i think we're not three weeks into qe-3 yet and the populous mind set of the markets is that we're done qe-3, let's move on to whatever's next. qe-3 is in my opinion very different fr
and is already the raise the state's $8 billion deficit. john kasic joining liz claman coming up. many of my patients still clean their dentures with toothpaste. but they have to use special care in keeping the denture clean. dentures are very different to real teeth. they're about 10 times softer and may have surface pores where bacteria can multiply. polident is designed to clean dentures daily. its unique micro-clean formula kills 99.9% of odor causing bacteria and helps dissolve stains, cleaning in a better way than brushing with toothpaste. that's why i recommend using polident. [ male announcer ] polident. cleaner, fresher and brighter every day. dennis: cisco setting up a race to succeed john chambers for the largest serving silicon valley ceo handles promotions to two key insiders would carry more will be president and chief operating officer of the entire company and sales chief roy lloyd will take the title of president of sales and development. not to worry for shareholders. he will stay in the job two to two more years. dave: of all the silly talk about what caused the financial
$86 million a day to the federal government. that's a lot of revenue that could help with deficit, deficit reduction and our debt structure. the third piece of that is we could become more energy secure as a nation. today we're less reliant on outside sources. new technologies have allowed us to produce all the energy we'll need right here at home. if we create policies to allow us to use americans to create american energy, it'll benefit us all. those are the things that could be done immediately. >> so how come the administration isn't doing it, if it's that obvious these jobs can be created soon? >> well, it's unfortunate because i think their limitations on the industry is driven by, in my view, extreme ideology. it's driven by an irresponsible view that we can switch from one energy form to the other overnight. somehow, we can take the 62% of our energy in the u.s., which happens to be oil and natural gas, and just flip a switch and turn that to wind mills or solar panels. all energy forms are important to us, but the reality is it took us 100 years in the united states to ge
is so weak and republicans are talking about trying to, you know, bring the government deficit down, trying to straighten out the economy in the long run. so i don't see final demand so things might be better four years from now and therefore the president will look very good in hindsight, but it's going to be a hell of a ride getting there. >> you say might look better four years from now. >> i don't know. are they going to do a good job? it's hard to do a good job. i would argue obama did a good job because the situation was so awful where he started out. looking with hindsight you could have done better than you did. >> what do you think has to happen most? you worry about some of the austerity but you think we need to flush the system and deal with bitter medicine? >> well, one thing, the really good things about the united states, you got to be much more positive about this country than europe or japan. one, because we've got more people here, we're growing, we have babies, we have growing population so the housing problem will disappear. all of the houses are going to get used
is making it easier for congress to rack up huge deficits. he also argued for the aggressive bond buying program designed to reduce interest rates and boost hiring. darren gersh reports. >> reporter: you can expect to be hearing a lot from ben bernanke is the coming months. having pushed the federal reserve to adopt an aggressive and open-ended asset purchase program, the chairman is now defending what he did and why. and bernanke says he won't change course before many more americans are back at work. >> we expect that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the economy strengthens. >> reporter: economists at barclays read the chairman's remarks to mean the central bank will keep buying treasury bonds at current levels into the coming year. >> it represents urgency for the fed. obviously, purchasing at about $85 billion per month and operating across a wide range of interest rate markets suggests the fed is indeed trying to push this faster while unemployment remains high. >> reporter: conservatives have gone after bernanke
, then there's no way we're going to deal with a $16 trillion debt and $1 trillion a year deficit. >> medicare, medicaid, social security. fe forget about that. >> this is a no-brainer. first of all, look on your cell phone bill with the tliline tha says universal service fund or fee. you're paying for this. you need to call your member of congress, your senators, call anybody you can and tell them to get on board with killing this program. i have been shocked at how hard it's been to convince people. a lot of that's because people don't know. but you're helping educate them. >> on the cell phone, it says universal fee, universal services fee. that's the cost that taxpayers are paying so that low-income folks can get these phones. that's what we should be looking for. just to be clear, they're not just getting a free phone, but free service. >> it's the service. what happens is the government pays the service and the phones are often given by the provider. that's right. >> all right, congressman. great to have you on the program. we'll be watching this developing story. really an extraordinary
way you could do that is with large budget deficit and for better or worse, we're not seeing big enough deficits because everyone in washington's got this deficit hysteria, even though we're paying 1.6% interest on ten-year bonds. >> well, how about some clarity? how come ceo after ceo and manager after manager come on this program and tell me the same thing? i'm not going to move. i'm not going to put money into the economy. i'm not going to hire new workers because i have no idea what my tax rates are going to be. >> they want tax cuts. >> no, i think -- >> if you look at their investment -- >> i think they want clarity. >> i look at the data. if you look at investment equipment and softwares, i'm leaving out structures for exactly the reason your previous segment said. there's a huge vacancy in most categories in unresidential real estate because of the prior building boom. if you look at equipment and software investments and share of gdp, we're almost back to the prerecession level. so the fact is generally they actually have been investing in spite of what they're telling y
of spending cuts or deshl resources to meet its 2013 deficit target. and fitch is lowering its 2012 growth forecasts both for china and india. citing deteriorating outlook of the global economy. so not a great way to start the morning. >> no, not great, but i like seeing what we did -- i saw ge and i was going to tell whoever thinks that we need to kiss up to them still -- >> minority partner. >> they are. but comcast would have been a better -- or we could have done both. and did i see something that it had first quarter, second quarter, third quarter? what do i need in the fourth quarter to get to the 30%? do we hahave that anymore? is that gone? no, they don't have it. >> i saw the dow, s&p and nasdaq. >> what did it add up to? adds up to like 15 or so. >> i just saw for this quarter. >> oh, it didn't show first quarter, second quarter -- >> no. >> there are corporate headlines. people started getting plaq blackberries? >> they beat expectations. >> they lost money, they beat expectations. >> but they added subscribers. >> subscribers in developed countries. the point is a developing --
.s. team at the 39th ryder cup. this was aufrl. the europeans roaring bang from a 10-4 deficit late saturday to take a tuning 14 1/2 to 13 1/2 point win. germany's martin kaymer sank a putt on the final hole to seal the victory. honestly it was all lost well before that. europe has won the seven out of the last nine ryder cups. and soledad i don't know if you had a chance to watch this debacle. a debacle embarrassing. >> yes, it was killing my poor husband. all right, john, thank you. >>> back to our top story this morning. two days until the first presidential debate. both candidates are getting last-minute preparations. "the new york times" reporting that mitt romney is coming armed on wednesday night, writing this, mr. romney's team has concluded the debates are about creating moments and has equipped him with a series of zingers that he's memorized and habeen practicing on airds since august. president obama responded to that report last night with this. >> i know folks in the media are speculating already on who's going to have the best zingers. i don't know about that. who's g
the deficit among likely voters for obama from five points to three points. and in florida, he's closed from five down to one which is tied given the margin of error in our poll. in virginia, he has closed the gap from five to two. if you look at the state of ohio, a must-win state for mitt romney, mathematically possible for him to get to it without it but his strategists think he needs it. he needs to make progress there. but the fact that some of the national polls are coming back a little bit, some of the swing state polls are tightening, is a bit of an earn couragement for romney that he still has an opportunity for deficit with three or four points to change the dynamic in some way. he's got to hope that obama is not on his best game. you could have a scenario that like what happened in 2000 where george w. bush moved significantly without gore and ultimately became president. >> it's interesting that the poll also shows, as you mention, this 12% of swingable votes in the middle that he could potentially get a hold of. also ensuring that the big money continues to back him moving forwa
for next year, the 2013 details, the deficits will be difficult to reach. he also suggested that the growth forecast for next year was very optimistic. he suggested minus 1.5%, which is much more in line with what analysts are saying. so he has it on all fronts. but the social aspect here, it's a week since we had the protests. i'm hering that there will be protests again this we could and actually while he was speaking, the people there let it known how they feel. >> you have the chance to ask your question later, please. [ inaudible ] >> make you your point. the minister will answer that question if you give him the chance, okay? thank you. my second warning to you is you're allowed into this meeting under the condition of not disturbing. >> despite the protests that we've seen here, i've been unite surprised by the tone i've heard from people here understanding the need for reform and for change, but if you look at recent polls, ten percentage point drop in support for the people's party and i don't think we can under estimate the political risk here that he does hang on until at least a
deficit for the year, more than a trillion dollars. 1.1 trillion that is $200 billion lower than the short fall recorded last year. the 2012 deficit was equal to 7% of our entire gdp for prespective. melissa: time for stocks as we do every 15 minutes. let's head to the floor of the new york stock exchange. nicole petallides standing by. stocks were losing steam. they were up on the jobs report but now up just 44. >> it's true. we're going into the weekend. there are a couple things to note. i was looking at bank of america which was shining this week. it was up over 9% for the week today. i notice it is pulling back a little bit. tech-heavy nasdaq composite has now moved into the read the same day apple is lower right on the anniversary of the death of steve jobs one year later. s&p 500 is up one quarter of 1%. we should note the major averages gained this week but we're giving a little more back. back to you. melissa: nicole, thanks so much. lori: markets reacting to the jobs report. where should you put your money? sandra smith has a look in today's trade. >> lori, melissa, you caught me
the republican party has gotten lost. we cannot afford any tax cuts. we have to deal with our deficit. that will mean spending cuts for everybody. dagen: is it a mistake to run on this at all? how can you focus been on, because the issue is growth and jobs. how do you run and talk about that without linking tax policy to it somehow? the opposite would be saying we will get rid of these deductions. some people taxes will go up. that will not win you to white house, will it? >> both parties have been -- we cannot afford to give anybody anything anymore. we are broke. we are running a trillion dollars deficit. once we start paying a real normal interest rate on that 20 trillion, it will send the budget even deeper. dagen: all of what you are saying makes perfect sense. i have argued for years that the american people will not vote to pick that until they feel it is home. runaway inflation like the 1970s and skyhigh interest rates like people saw 30 some odd years ago. that is not the case today. if it was laid out just like that, do you think they would vote based on that? >> i think the
. we wanted a menu of thoughtful choices to reduce our deficit and avoid sequestration. >> go through it for us. because, you know, i guess if it were that easy, it would have been a lot simpler getting to the point where we're at. can you talk to us specifics about what you think should be cut? >> sure. that's what we wanted to do in this report. it's more than $100 billion in agriculture, more than $100 billion in energy, and as i said, in agriculture, commodity crop payments, reforming crop insurance. in energy, we'd like to eliminate the entire tight. 17 loan guarantee program which includes the loan guarantee, you know, the program that brought you solyndra. we'd like to eliminate subsidies that have gone to the oldest and most profitable energy sectors, from the intangible drilling costs to the allowance for last in, first out accounting which actually affects more than the energy sector, but it's just a boondoggle for taxpayers in the u.s. it's not something that's allowed by international accounting stanstandards. in the defense sector, there's a real opportunity for savings b
plan would probably explode the budget deficit. it's not a fiscally responsible plan. >> isn't it true, chris, that he has said he needs to work with congress in terms of going into the specifics of what those loopholes are? >> well, that's true. ultima ultimately, congress, in particular the house ways and means committee, would ultima ultimately write any major tax reform plan. my problem here is tax reform is supposed to be about simplification. i think romney's $17,000 cap would complex complex if i the . that would add a whole bunch of new leans to the 1040, which would make the code more complex. i think we should go to something like the paul ryan house plan he introduced a couple years ago which would eliminate virtually all deductions and credits and use the money to simplify the tax structure down to 10 and 25%. romney needs to be more bold here. his running mate has the bold ideas for tax reform. that's where we should be going here. >> you know, we've had various members of the house ways and means committee on this program in the last six months. almost to the person they
about global demand. >> platinum and palladium demand is sort of in a deficit. you do have supply. you would say, well, maybe we're not producing enough. these are very difficult metals to produce. the supply constraint is such that you can't just kick new production on. as i say, it comes out of south africa. it comes out of russia, and our mine in montana. so the two metals are used primarily for the same product. and that is catalytic converters in cars. you have kind of a surging market for cars. you have the regulatory requirements stepping up in the cars. and you've got sort of this price-driven move from platinum to palladium, so the madeium is getting the bigger mrketn the cars than platinum has had in the past. so essentially the demand is really quite strong. >> tom: frank, with that cupid of demand outlook for platinum, how do you explain the price differential between gold and platinum. traditionally, as you are well aware, gold is priced per ounce below platinum but right now gold is about $100 above platinum. >> people are looking forward and saying they want something wi
cuts while addressing the deficit. lawmakers say no action will be taken until after november. >>> time now 5:04, the national pole is out, showing the race for the white house is still very close. according to a "c" nbc survey -- a cnn survey say they favor obama when it comes to the presidential nominee. mitt romney appeared to have an edge among likely voters. president barack obama appears to have an advantage when it comes to taxes, healthcare and foreign policy. now another pole shows the steaks are high when it comes to women voters. we will take you live to washington d.c. and we will hear how president barack obama and mitt romney are getting ready for tomorrow night's big bee bait. >>> allie rasmus joins us from outside the oakland coliseum with the celebration that followed the clencher, good morning allie. >> reporter: the team is headed to the playoffs, last night they secured one of the two wildcard spots in the american league west. with that the oakland a's beat the texas rangers and they had their hats on and there was plenty of champagne to celebrate and the party move
capital spending will pick up once there's clarity with respect to tax policy and deficit spending. and until we see that, there will be a holdback, which there has been in capital spending. after the election those issues should be resolved so we're looking for very robust 2013 market wise. the other piece of this is we really have not had a steady inflow in equity funds since 07 defight the market performance. and that's not true of fixed income, we expect that to actually come to fruition. >> tom: okay. some money to come off out of fixed income maybe into stocks, with sei. >> absolutely. >> tom: let's take a look at your previous picks, right after valentine's day february 15 we saw you, american capital a private equity public trad company up 30% plus. city national up 9%. do you still like these? >> definitely. believe it or not, american capital still trading at three times earnings, despite its appreciation. and it's a perfect play on mid cap companies in the u.s. and certainly monies cheap too. so it's a great way to play the recovery. >> tom: mark, do you own position in
. that's the fourth straight year of trillion dollar plus deficits, but down from a year earlier. as for consumer i.o.u.'s, consumer credit grew at its fastest pace in three months.. expanding more than 8 percent in july.. to 2-point-7 trillion dollars over on wall street,t was a mixed day. the dogained 35...the nasd lost 13...the s&p is down a fraction. for the week.. the dow gained 1.3 percent. the nasdaq was up 6-tenths of a percent. the s- and-p added 1.4 percent this week. >> susie: joining us now with more anaysis on that jobs report... mark zandi...chief economist at moody's analytics. great to see you, mark. tell us about this 7.8%. does this mark the turning point in the job market? >> well, susie toverstates the case. i don't think the job market improved that much in the month of september. but i do think the job market is improving. it's improving enough to bring down unemployment. we're moving in the right direction but not quite as quickly as the data today would suggest. >> susie: 114,000 new jobs i mean, it's nice people are getting jobs, but it's flota really rob
the budget deficit to 3% next year and signing into law the fiscal compound which would prevent france balancing its budget over the medium term. the concern with france at this point is closing the budget gap by raising taxes and to address issues about competitiveness and getting more people to employment in france they have to reduce taxes and labor taxes which are among our highest in the world and it would see how they are going to do that without public spending and that is something that has been reluctant to do. they have some time to turn that around. liz: lowering taxes improve the picture is what i am hearing you say. thank you for joining us. david riley of sovereign rating saying the triple the-credit rating for spain will remain the same even if they ask for a bailout plan. we are 16 minutes from the closing bell. walmart, target, bed bath and beyond. the want to get a read on their health? head to cleveland where real-estate investment trust td are which focuses on value oriented shopping malls coming up. we are talking to corp.'s ceo, daniel her when on whether the comm
. with deficits, federal government deficits in area of 9% per year and with the country not growing, the gdp not growing, the government debt increases about 9.5% per year. so as of next year, it will be close to about 92%. the year after that, it will be over 100%. there has to be recognition quickly they have underlying problems they need to address. tracy: but if they get their bailout, does that set precedent for the rest of the eurozone? there will certainly be other countries lining up to collect their money as well? >> it's already happened. in fact greece has asked for some support. ireland has asked for support and portugal. the basic underlying problem is that the productivity in the northern part of europe has grown a lot faster than it has in the southern part. when you're be taking about $300 worth of plastic and steel and converting it into $70,000 bmw or mercedes, and you can do that with more machines than you used to before, versus the, waiter working faster or farmer trying to grow faster, it is obvious that the product difficult rates in northern europe are growing faster
. >> $80 billion? >> it's like 80 build per year. and we need to cut -- close the deficit by a trillion. we got a trillion dollar deficit and it raises like -- i think it's less. maybe 40 billion. >> are you correct, it's not sufficient. >> and he's not talking about anything else. you can keep your entitlement, keep this -- he's not talking about doing specific things with entitlements. >> you're right to this extent. he's not talking specifics on entitlements. >> it's mostly we'll tax rich people so that -- or people that make over 250 and you'll basically get to keep everything including the phones. >> joe, i thought you either wanted to talk about the last minute kick that a billy -- >> i didn't see that. oh, the redskins. >> or my terrific story on debates in the "new york times" this morning. >> it was between piece. it was a very good piece. >> i did see that. >> thank you. let me recap. >> you didn't even mention the bengals beat the redskins. >> i was going to if you brought it up. and congratses on the reds, too. they have tied the nationals for best record in baseball. so we've g
looking at it with regard to krugman's piece and something to do with the deficit, is that going to be spun positively if they're working on it or more fearmongering that something really heinous will go down. >> okay. so keep sticking with what's working for now. we'll keep an eye on this. but kevin, thank you. you always keep us up-to-date on everything happening down there. >> one more quick thing i'll say. watch silver. a lot of popularity in it. we didn't get an outright sell signal, but we got very bearish divergences for silver when it made a new high yesterday. trading over $41 on ebay for silver coins. well over the price in the marketplace. so watch out for that. could be an actionable trade. >> okay, kevin. thanks for the tip. >>> if you have any questions, comments about anything you see here, squawk@cnbc.com. coming up, the chicago teachers strike back in the headlines this morning. we'll find out why next. and then ian poulter's in the building. attention golf fans ever where. >> look at that. every player's name. unbelievable. >> got to be careful. >> i don't want
the question about how do you keep the code without increasing the deficit. but it's a promising proposal that tax policy exports like because it is achievable. now, if you lump the deductions together and don't fight them one by one and have a cap, that is easier to get done. >> on that 17,000, a, do you think we're going to hear about it tonight? does that include things like charitable deductions, mortgage deductions? how far do you think that goes? >> reporter: yes, it does. >> 17,000 cap across the board. that is meaningful. that would have a huge impact on the real estate market, it would have a huge impact broadly. >> reporter: yes, i believe from what i was reading yesterday, and i haven't gotten a chance to delve into it that $17,000 level was set purposefully because people in the under $200,000 income category generally speaking don't have more than that, right? but it makes it easier to begin taking on deductions as you move up the scale. so i do think it's positive. i would expect him to get asked about it and, you know, if he starts sketching out a little bit how he would re
is not to incur a budget deficit but to achieve a more prosperous expanding economy which can bring a budget surplus. could you have said it any better? >> no, i could not. the other thing kennedy said a rising tide lifts all boats. in other words he was getting away from the class warfare stuff. the class warfare thing makes a lot of sense politically but only politically. i don't think, obama knows this because he was asked this question back in 2008 and he understood sometimes you jack up the tax rate you get less and sometimes you bring it down and you get more but, his goal obviously is not to get more revenue for the government. it is to get more votes for himself by painting the republican as defenders of e rich while he is the champion of the middle class and the poor. david: well in 1980, as you well remember they tried the same thing against ronald reagan. in fact even some republican like george herbert walker bush called it voodoo economics this idea. the american public didn't like it. we like the notion of lower tax rates across the board for everybody. do you think they will b
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